Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CashAccountsReceivablePrepaidAdvertisingSuppliesMerchandiseInventoryStoreEquipmentAccumulatedDepreciation-StoreEquipmentofficeEquipmentAccumulatedDepreciation-0fficeEquipmentNotesPayable,due20x2AccountsPayableWagesPayableSocialSecurityTaxPayableMedicareTaxPayableUnearnedSeminarFeesInterestPayableVincentCarbone,CapitalVincentCarbone,DrawingIncomeSummarySalesSalesDiscountsSeminarFeeIncomePurchasesPurchasesReturnsandAllowancesFreightInRentExpenseWagesExpensePayrollTaxesExpenseDepreciationExpense-StoreEquipmentDepreciationExpense-0fficeEquipmentAdvertisingExpenseSuppliesExpenseInterestExpense31,17543090023014,30024,3002,3004,3001,15013,0002,63511,90032,00013,410150,47013090,3001,70019012,50020,0002,770 ADJUSTMENTS: a. -b. Merchandise inventory at December 31, 20X1, was counted and determined to be $11,300. c. The amount recorded as prepaid advertising represents

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
CashAccountsReceivablePrepaidAdvertisingSuppliesMerchandiseInventoryStoreEquipmentAccumulatedDepreciation-StoreEquipmentofficeEquipmentAccumulatedDepreciation-0fficeEquipmentNotesPayable,due20x2AccountsPayableWagesPayableSocialSecurityTaxPayableMedicareTaxPayableUnearnedSeminarFeesInterestPayableVincentCarbone,CapitalVincentCarbone,DrawingIncomeSummarySalesSalesDiscountsSeminarFeeIncomePurchasesPurchasesReturnsandAllowancesFreightInRentExpenseWagesExpensePayrollTaxesExpenseDepreciationExpense-StoreEquipmentDepreciationExpense-0fficeEquipmentAdvertisingExpenseSuppliesExpenseInterestExpense31,17543090023014,30024,3002,3004,3001,15013,0002,63511,90032,00013,410150,47013090,3001,70019012,50020,0002,770 ADJUSTMENTS: a. -b. Merchandise inventory at December 31, 20X1, was counted and determined to be $11,300. c. The amount recorded as prepaid advertising represents $900 paid on September 1,201, for 12 months of advertising. d. The amount of supplies on hand at December 31 was $65. e. Depreciation on store equipment was $2,950 for 201. f. Depreciation on office equipment was $825 for 20X1. 9. Unearned Seminar Fees represent $11,900 received on November 1, 20X1, for seven seminars. At December 31, four of these seminars had been conducted. h. Wages owed but not paid at December 31 were $400. i. On December 31,201, the firm owed the employer's social security tax ($24.80) and Medicare tax ($5.80) j. The note payable bears interest at 6 percent per annum. One months interest is owed at December 31,201. Required: 1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31,201. 2. Enter the adjustments above in the Adjustments section of the worksheet. 3. Complete the worksheet. Analyze: What was the amount of revenue earned by conducting seminars during the year ended December 31,201 ? Complete this question by entering your answers in the tabs below. Complete the worksheet. (Enter both the debit and credit effects wherever reaulred. Round vour intermedlate calculations and f ADJUSTMENTS: a.-b. Merchandise inventory at December 31, 20x1, was counted and determined to be $11,300. c. The amount recorded as prepaid advertising represents $900 pald on September 1,201, for 12 months of advertising. d. The amount of supplies on hand at December 31 was $65. e. Depreciation origtore equipment was $2,950 for 201. t. Depreciotion ondeffice equipment was $825 for 20X. 9. Unearned Seminar Fees represent $11,900 received on November 1, 20X1, for seven seminars, At December 31, four of these seminars had been conducted. h. Woges owed but not paid ot December 3 were $400. L. Wn December 31, 20x1, the firm owed the employer's soclal security tax ($24.80) and Medicare tax (\$5.80). 1. The note payable bears interest at 6 percent per annum. One monthe interest is owed at December 31,201. Required: 1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31 . 201. 2. Enter the adjustments above in the Adustments section of the worksheet. 3. Complete the worksheet. Analyze: What was the amount of revenue earned by conducting seminars during the year ended December 31, 20xt? Complete this question by entering your answers in the tabs below. What was the amount of revenue earned by conducting seminars during the year ended December 31,201

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

11th Edition

ISBN: 013099619X, 978-0130996190

More Books

Students also viewed these Accounting questions

Question

Discuss the origins of behavior therapy.

Answered: 1 week ago

Question

Discuss the concept of ethics in the management of human resources.

Answered: 1 week ago

Question

Define organizational culture.

Answered: 1 week ago